Lambeth Council is the first local authority in London to launch its business rates support scheme, worth almost £3 million for local businesses this year.
The fund is in response to the very large increases in business rates for many Lambeth businesses that were imposed by the government in April, due to the 2017 revaluation. On average rateable values, which are used to calculate business rates, have increased by 35% which is the 4th highest increase in the UK. The impact of this increase on local businesses is expected to be severe and the council led the campaign alongside the borough’s businesses to challenge the government over the huge hike in business rates.
As a result of the campaign, alongside London-wide business groups, Lambeth Business Improvement Districts, the Mayor of London and other London boroughs, the government decided to allocate additional discretionary funding to Local Authorities to provide a new ‘Hardship Scheme’.
The council has worked hard with Lambeth BIDs, the Federation of Small Business and the GLA to develop a scheme that is fair and transparent to Lambeth businesses.
To see if your business to see if your business is eligible for the hardship fund and for more information see Lambeth Council’s website